ALPHA TIGER AGREES TECHNIKA M

RNS Number : 2471Y

Alpha Tiger Property Trust Limited

01 September 2009

 



ALPHA TIGER PROPERTY TRUST LIMITED ('ALPHA TIGER' OR THE 'COMPANY')

ALPHA TIGER AGREES TECHNIKA MOU EXTENSION

ALPHA TIGER ANNOUNCES IT HAS AGREED AN EXTENSION OF ITS MEMORANDUM OF UNDERSTANDING ('MoU') WITH ITS JOINT VENTURE PARTNERS TO EXPLORE A SALE OF TECHNIKA

The Company announced on 30 May 2008 a co-development agreement to build an 800,000 square feet business park development project in NOIDA Sector 132 ('Technika'). The Company subsequently acquired a 31.75% equity interest in the joint venture Special Purpose Vehicle ('SPV'). To date, the SPV has held the development land and no construction has commenced.

The Company announced on 10 August 2009 that it had entered into an agreement which permits Pasco Infotech, a joint venture partner, a limited period of time to seek a purchaser of the SPV, with each partner committing to sell their shares in the holding SPV provided that a sale occurs within 180 days from signing the agreement. 

The Company and its joint venture partners have now agreed to extend this MOU on the same terms and conditions for a further 90 days.

For further information please contact:

David Jeffreys, Chairman, Alpha Tiger             [phone]

Brad Bauman, Fund Manager, Alpha Tiger     [phone] (India)

 

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